Exports and Financial Shocks

We wish to give special thanks to Marc Auboin for carefully reading the draft and providing invaluable insights into the mechanics of trade finance. We also want to give special thanks to Joe Peek for providing us with early comments and data for this paper as well as Keiko Ito for providing us with the concordance between the Japanese HS codes and the IO codes. In addition, Ro Fallon, Fritz Foley, Caroline Freund, Linda Goldberg, Jessie Handbury, Robert Hodrick, Simon Johnson, Kalina Manova, Paolo Pesenti, and Vivian Yue provided us with insightful comments. JaeBin Ahn, Morgan Hardy, and Seth Werfel provided excellent research assistance. David Weinstein would also like to thank the National Science Foundation (NSF Grant 0820462) and the Center for Japanese Economy and Business for providing funding for this research. The views expressed in this paper are those of the authors and do not necessarily represent those of the Federal Reserve Bank of New York or the National Bureau of Economic Research.